Welcome to the club
Here https://forum.parallels.com/threads/problems-with-win11-for-arm-22471.355044/ I've have the same problem.
Except I thought that Parallels resolved the problem. While in test clean virtual machine everything is working after Win upgrade, my "production" virtual machine still has the the same symptoms after upgrade to 22478. i.e. Settings and everything inside is not working.
build 22478 - 211008-1414 gave me problems as well. I did a clean install now directly from build 22483 - 211015-1431 and still the same problem. Start menu opens sometimes, the settings app never does.